IndusInd Bank partners with NPCI to offer cross-border payments through UPI

“With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for cross border payments/NRI remittances. Under this arrangement, MTOs will use the IndusInd Bank channel to connect with NPCI’s UPI payment systems and for cross-border payment settlement in the beneficiary’s accounts.”

IndusInd Bank has started with Thailand for Foreign Inward Remittance (FIR) through UPI.

DeeMoney – A Thailand-based financial solutions provider that provides money transfer and foreign currency exchange services. Customers using the DeeMoney website can easily transfer funds by simply adding the UPI ID of the beneficiary.

IndusInd Bank is planning to add more partners in various other countries for cross-border payments through UPI in the near future.

Speaking about the partnership, Mr. Soumitra Sen, Head – Consumer Banking & Marketing, IndusIndBank said, “At IndusInd Bank, it has been our constant endeavor to bring forth unprecedented propositions that offer a seamless banking experience to our customers. Keeping this vision in mind, we are proud to partner with NPCI to launch the country’s first UPI-based cross border remittance facility, which enables NRIs to access their UPI ID through our partner exchange houses, banks and funds. Enables you to send money to a beneficiary in India by using transfer operators. This is a significant step towards simplifying remittances as a functionality, as individuals residing abroad will now be able to transfer money conveniently to the beneficiary by simply adding his UPI ID, without having to remember his bank account details. . We believe that enabling overseas remittances through UPI is a major milestone towards consolidating its use as a platform, and will go a long way in driving its adoption by NRIs across all geographies “

Ms Praveena Rai, COO, NPCI said, “We are delighted to partner with IndusInd Bank. We are confident that this initiative will provide a much simpler and more efficient remittance experience for international travelers using UPI. We are confident that our collaboration will act as one of the major contributing factors towards the development of cross-border payments through UPI. With UPI cross-border remittances, we expect to see a significant increase in UPI transaction volume in the coming years.”

This collaboration will facilitate IndusInd Bank’s partners to transfer money from Non-Resident Indians (NRIs) and People of Indian Origin (PIOs) residing across the globe to their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. As well as for their families and relatives in India.